Ron Sandler will continue as chairman of Bermuda-based insurer Ironshore despite having been appointed by the British government to run the ailing Northern Rock Bank.

UK Prime Minister Gordon Brown selected former Lloyd's of London chief executive officer Mr. Sandler to take on the enormous task of running the bank, which is set to be nationalised.

Ironshore CEO Robert Deutsch said yesterday that Mr. Sandler's appointment as executive chairman of Northern Rock would "doesn't affect his position at all with Ironshore".

"I spoke with him last evening and told him just how proud we were that he has been selected for this significant role," Mr. Deutsch said.

"The Prime Minister selected well when he chose Ron. Ron is smart and a strong leader.

"We have no doubt that the UK citizens will be well served by this appointment. We couldn't be more pleased for Ron and wish him all the best."

Ironshore, which has been operating for just over a year appointed Mr. Sandler as its chairman last October. Mr. Sandler is credited with guiding Lloyd's back from the brink of bankruptcy during his spell as CEO from 1995 to 1999. Subsequently he served as chief operating officer of NatWest Bank.

Property and casualty insurer Ironshore was set up in January 2007 with $1 billion in capital. During its first year, it expanded through its construction and professional liability insurance units in the US. The company has made no secret of its desire to gain a presence in the London market.

Northern Rock suffered the first run on a British bank in more than a century, and the UK government has already provided it with loans and guarantees worth around $107 billion to keep the bank from collapse.